经济“脱实向虚”的成因与治理:理解十九大金融体制改革  

The Cause and Rectification of Economic “Shifting from Real to Fictitious”: Understanding Institutional Reform in the Financial Sector Based on the 19th CPC National Congress Report

作　　者：彭俞超 黄志刚[1,2] Peng Yuchao;Huang Zhigang

机构地区：[1]中央财经大学金融学院 [2]中央财经大学亚投行研究中心,100086

出　　处：《世界经济》2018年第9期3-25,共23页The Journal of World Economy

基　　金：中国博士后科学基金面上项目"金融部门与实体经济背离的原因及对策研究"(2016M600156);国家自然科学基金青年项目(71603304);全国优秀博士学位论文作者专项资金资助项目(201301)的资助

摘　　要：深化金融体制改革、增强金融服务实体经济的能力是十九大报告对金融工作的重要要求。本文以金融体制为出发点,通过构建两部门内生融资约束模型,研究中国经济出现的"脱实向虚"问题。在企业缺少直接融资方式的情况下,模型中银行差别性对待风险异质性企业,将导致企业金融化和影子银行的形成。经营风险越小的企业能够从银行获得越多的信贷支持,进而将多余的资金投向影子银行体系,造成企业金融化。这一影响在国有银行占比较低的地区更严重。基于此,本文提出一个系统的金融体制改革框架,以实现金融稳定和经济效率的双重改进。Deepening institutional reform in the financial sector and strengthening the capacity of financial services to better serve the real economy have been the fundamental requirements derived from the report issued by the 19 th National Congress of the CPC.From the perspective of financial institutions,this paper constructs a two-sector model,including endogenous financial constraints,to investigate economic shifting from real to fictitious.In the model,banks finance heterogeneous risky firms differently,leading to corporate financialisation and shadow banking formation,resulting in greater financial risks.Enterprises with less risk can get more credit from banks,which in turn places an excess of money into the shadow banking system,resulting in corporate financialisation.This impact is also more pronounced in regions with a lower proportion of state-owned banks.Based on the above,this paper puts forward a systematic framework for the reform of the financial system in order to achieve the simultaneous improvement of financial stability and economic efficiency.

关 键 词：脱实向虚 金融体制改革 企业金融化 融资约束 

分 类 号：F832.1[经济管理—金融学]